Ten Network says it did not tell shareholders that James Packer was pulling the plug on his financial support for the troubled broadcaster because his backing was not a factor in its share price.
Ten administrator Kordamentha said on Tuesday that the broadcaster first learned on May 2 that Mr Packer's Consolidated Press Holdings would not support a new funding deal when the existing $250 million facility expired in December.
The network's shares were only placed in a trading halt on June 13 after fellow backers Bruce Gordon and Lachlan Murdoch told Ten they were also ending their support.
Responding to a query from market operator ASX, KordaMentha said Ten had believed the market never assumed Mr Packer would continue his backing and it had never told shareholders he would do so.
"In addition, certain press coverage of CPH's intentions indicated a contrary intention that CPH wished to sell down and exit its shareholding in Ten," KordaMentha said.
Ten had told shareholders on April 27 that it was in ongoing discussions with its guarantors ahead of the expiry of its $250 million debt facility with Commonwealth Bank on December 23.
It said it understood from guarantors that it needed to demonstrate potential for improved future earnings before a new facility could be guaranteed, and the board had approved a transformation program identifying material revenue and cost saving opportunities.
Ten did not announce Mr Packer's decision in May because it only needed the renewed support of Mr Murdoch and Mr Gordon through their respective private investment vehicles Illyria and Birketu.
"The directors considered that Ten was not reliant on the renewed support of all three shareholders to secure a new facility," KordaMentha said.
"To secure a new facility, it was reliant on either the provision of further guarantees by any one or more of the existing shareholder guarantors, and/or new financiers."
Ten said it had been talking with Illyria and Birketu about support for a new debt facility up until the companies walked away on the weekend prior to its June 13 request for a trading halt.
Ten went into voluntary administration the next day with its shares at 16 cents, down more than 90 per cent over the previous two years.
